Weekly Forex Pair Forecast- 21 Jan 2019 To 25 Jan 2019

Forex pair Forecast
 
EURUSD Pair Analysis: (Close Price: 1.1371)

News: UK parliament rejected or voted down Theresa May’s Brexit deal on which future of UK to stay in EU or leave depends. After this EUR came under pressure lost gains against USD.

Pair Analysis: Pair not able to hold the above level of 1.1470 and reverse southwards with a break of major support 1.1400.

EURUSD Forecast

Technical Outlook: On the technical front, the pair looks to test an upward sloping trend line and can take support at 1.1340. If this support breaks then pair can test major support 1.1310-1.1270. Momentum indicator RSI now breaks from series higher low suggests price can slide and trade with a negative bias.

Name S3 S2 S1 Pivot Points R1 R2 R3
EURUSD 1.1298 1.1367 1.1409 1.1478 1.1547 1.1589 1.1658
 
 
USDCAD Pair Analysis: (Close Price: 1.3254)

News: Crude oil recent rise and Canada central bank on its track of monetary tightening. These factors were supporting CAD currency and its rise against the dollar. It is expected that monetary tightening phase will be in 2019, although the market is only pricing in around 11bps of rate hikes against US 25bps rate hike.

Pair Analysis: price slide with steep fall and made low near 1.3180 and show some stability near this level. As earlier price also took support near this level in the month of Dec 18 and raised almost 400 pips.

USDCAD Forecast

Technical Outlook: On the daily chart, the pair broke long term trend line support of 1.3360 which is a negative sign. Momentum indicator like RSI now turns oversold so some pullback possible or time wise pair can spend time here in a range of 1.3180-1.3350. If pair able to close above 1.3300 then we can think price took to support and go higher. Else price can retest level of 1.3180.

Name S3 S2 S1 Pivot Points R1 R2 R3
USDCAD 1.3065 1.3146 1.3197 1.3278 1.3359 1.341 1.3491
 
 
AUDJPY Pair Analysis: (Close Price: 78.69)

News: Australian economy highly leveraged to Chinese and any adverse effect or negative news from China also impact Australian dollar.

Recent positive developments between the US and China over trade war have to decrease dollar strength, as a result, other par show some pull back against safe-haven currencies like CHF, JPY.

Pair Analysis: AUDJPY pair now came at resistance zone above the level of 79 it faces lots of selling pressure. If price not able to hold a level of 78.5 can side further.

AUDJPY  Analysis

Technical Outlook: On a technical chart, price rising after flash crash and trading near the level of 79 which acts as a strong barrier, if price able to close above 79 and trade for few session can rise to 79.5-79.7. Else below level of 78.5 prices can test 78-77.70.

Name S3 S2 S1 Pivot Points R1 R2 R3
AUDJPY 76.53 77.05 77.37 77.89 78.41 78.73 79.25
 
 
USDCHF Pair Analysis: (Close Price: 0.9951)

News: US-China trade optimism and again appetite to risky assets dampens CHF’s safe-haven appeal.USD which earlier fall against major peers now gaining strength which negative for CHF. Price wise pair looking test price action fails to provide any additional boost to the major. The pair remains on track to post strong weekly gains of over 1.0%.

Pair Analysis: Pair now rising with strong volume addition and now came to the level of 0.9960-0.9965 strong supply zone. This time momentum is picking up with price rise suggest pair can rise further if able to hold a level of 0.9900.

USDCHF Analysis

Technical Outlook: On a technical front, pair breaks descending channel near the level of 0.9871 and now approaching 0.9960-0.9970 level. This level act as a major resistance zone price needs to spend some time here and need to maintain a level of 0.9900. Any pullback to a level of 0.9900 with the support of 0.9870 can be a buying opportunity.

Name S3 S2 S1 Pivot Points R1 R2 R3
USDCHF 0.9654 0.9713 0.975 0.9809 0.9868 0.9905 0.9964